Mylan Inc (MYL)

Mylan (MYL) acquires Agila Specialties, a developer, manufacturer and marketer of high-quality generic injectable products, from Strides Arcolab for $1.6B in cash. The acquisition significantly expands MYL's global injectables platform and will provide entry into new high-growth geographic markets. The acquisition is expected to close in Q4 of 2013 should be immediately accretive to earnings. Shares +1.8% AH.

Mylan (MYL+1.5%) says it's board has approved a buyback of up to $500M in common stock. The news follows an earlier report that Moody's had upgraded the company's credit ratings to Baa3 from Ba1 and that S&P raised its credit rating to BBB- from BB+.

Gilead Sciences (GILD+8.3%) says it plans to partner with Mylan (MYL-1.5%), Ranbaxy Laboratories (RBXZF.PK) and Strides Arcolab to promote access to generic versions of Gilead's HIV medicine containing Emtricitabine in developing countries. The drug is marketed by GILD under the brand names Emtriva and Truvada. WHO guidelines recommend the drug as preferred components of first and second line HIV therapy.

Somaxon (SOMX+83%) soars this morning - after initially surging over 150% in pre-open trading - on the back of yesterday's announcement of its litigation settlement over Silenor with Mylan (MYL+0.8%) and Par Pharmaceuticals. The company added that it sees higher Q2 net sales for Silenor, now seeing revenue of approximately $2.8M to $2.9M, up from reported sales of $2.7M in Q1.

Teva Pharmaceutical (TEVA) is +10.5% in Tel Aviv following the favorable ruling on its Copaxone patent in a case against Momenta (MNTA) and Mylan (MYL). While industry watchers had assumed Teva would prevail, with ~35% of its EPS at risk, a hearty sigh of relief isn't surprising.

Mylan (MYL+1.9%) gets a bump higher after the generic-drug maker raised its FY12 earnings outlook earlier today. It now expects to earn between $2.45 - $2.55 per share. Street consensus is for an EPS of $2.42. The company also outlined plans to repurchase up to $500M in stock in a bid to increase shareholder value.

Mylan (MYL-2.1%) trades lower thanks to an unfavorable ruling in its patent infringement suit against Sunovion Pharmaceuticals related to its Brovana respiratory drug. A New York court granted a motion related to one of Sunovion's patent defenses, and also the company's request to limit damages. Mylan says it's appealing the ruling, and will continue to pursue an injunction.

Mylan (MYL+3.5%) says one of its subsidiaries has received approval for three antiretroviral therapies used to treat HIV/AIDS under the World Health Organization's Prequalification of Medicines Program.

Warner Chilcott (WCRX-0.9%) says a federal appeals court has vacated a lower court's ruling that would have prevented Mylan (MYL+0.6%) from releasing a generic version of its Doryx acne drug until pending patent litigation was decided. The company says it will still vigorously defend its Doryx patent and intends to seek a new restraining order from the district court.

Mylan (MYL+4.1%) jumps after receiving final FDA approval of its Abbreviated New Drug Application for its chemoprotective agent Dexrazoxane for injection, a generic version of Pharmacia & Upjohn's Zinecard.

Mylan (MYL-3%) is trading lower into the close after saying earlier it had agreed to settle with Hoffman La Roche to resolve litigation related to its XELODA tablets, a treatment for cancer known generically as Capecitabine. The terms of the settlement are not disclosed.